A Review of the Nigerian Energy Industry

Africa is ready for Green Climate Fund

11 October 2014, Sweetcrude, Marrakech — Africa is fully prepared to receive funds to finance projects aimed at increasing climate resilience capacity on the continent, an official from the Economic Commission for Africa (ECA) has said.

Addressing journalists on Day One of CCDA-IV in Marrakech, Morocco, Dr. Abdalla Hamdok, the Deputy Executive Secretary of ECA, declared that Africa is indeed ready for the Green Climate Fund (GCF).

United Nations Economic Commission for Africa HqThis is coming on the heels of the views held in some quarters that Africa is yet to build the requisite capacity to attract funds from the GCF.

“In view of the fact that Africa is at the receiving end of problems of flood and drought, Africa is quite ready to benefit a lot from alter-native development as well as chart the path that embraces green technology” declared Dr. Hamdok.

Reinforcing Africa’s capacity to equitably manage the GCF funds through institutional frameworks such as ClimDev-Africa at the African Development Bank, the ECA Deputy Executive Secretary believes that with Africa’s 55 countries, the $100 billion pledge should be considered as the minimum.

The GCF represents a potential watershed moment for climate finance in Africa. To date, the flows of climate finance of the continent have been inadequate in comparison to the continent’s needs.

Africa is widely acknowledged as the region in the world most vulnerable to climate change, while its recent impressive economic growth has placed an increased focus on the resources required to ensure that emissions do not grow correspondingly.
*United Nations Economic commission for Africa – press release

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